Outdoor clothing retailer Kathmandu is putting the brakes on its store expansion in Australia after racking up a first half loss.
Disappointing sales at Christmas and in January as well as heavy discounting on excess winter stock were blamed by the retailer for pushing it into the red with a NZD1.8 million (USD1.4m) loss.
The gloom looks likely to continue, with sales during the seven weeks to mid-March down 2 percent on a year ago.
(Source: The Sydney Morning Herald Online )